7 Ways Service Providers Can Benefit From An Asset-Centric Service Platform

With so much competition out there, service providers need a simple, effective solution to properly manage their customers’ assets and provide a new stream of value for their customers.

You need a way of getting to know the big picture while maintaining control over the small details and niche requirements of your business. This is what an asset-centric management platform does well, and the benefits to your own business, and the businesses of your clients, make investing in one a no-brainer.

  1. Optimal equipment performance

    Better asset management helps to ensure that every piece of equipment is performing at its peak. With a quality asset-centric service platform, you can track the condition, maintenance history, and usage patterns of your equipment with ease.

    This data means you can identify potential issues before they cause more serious problems, such as breakdowns, which can be solved by scheduling recurring preventive maintenance.

  2. Less downtime for customers

    If your customers make use of IoT-connected equipment, you can easily sync live data directly into your asset management system, alerting both you and your customer to any issues proactively. This means you can send a team out to the site before your customer’s operations are disrupted by equipment downtime.

    Our own platform has an inventory management feature, which can simplify providers’ means of managing van stock, helping to keep equipment running in peak condition and making for happier customers.

  3. Better team management

    Asset management platforms, like mendrhub, provide in-depth job details, equipment service and warranty history, a complete inventory of spare parts, and simple check-in/out processes. All this visibility means you can better allocate your resources, making sure the right tools and technicians are always being sent out to complete a service. This approach means less idle resources, full utilisation of your assets, and ultimately, happier customers.

    Some of these platforms will also come with a built-in scheduling and route optimisation feature that can give you a clear view of upcoming work and team member assignments, assisting you with running your operations efficiently.
    One of the unique things about mendrhub is that it allows user guides, technical specification, and exploded diagrams to be auto-attached to jobs to aid your team in the field, which improves their efficiency while on-site.

  4. Cost control and financial efficiency

    Servicing equipment can get expensive, but with an asset management platform, you get to be in control of your cost margins. You can set up specific service costs by equipment category and automatically apply mark-ups on client invoices that are based on rules set on client contracts. Invoicing can be further streamlined with direct integration to your accounting platform and options to capture credit card payments pre-attendance.

    By monitoring how equipment is performing, you can also identify cost-saving opportunities, like setting up maintenance schedules or predictive maintenance strategies, and identifying underutilised assets that can be sold or repurposed.

  5. Compliance and regulatory requirements

    Equipment service providers often work in industries with strict compliance and regulatory requirements. Asset management systems help you meet these standards, including safety, environmental and industry-specific mandates.
    By keeping records of equipment maintenance, inspections, and certifications with a system like mendrhub, you’ll avoid penalties and legal issues and improve your reputation as a reliable service provider. Alongside maintaining relevant accreditations and insurances, digital checklists can be created and used as a permanent record for procedural compliance on jobs.

  6. Data-driven decision making

    Managing assets effectively requires a deep understanding of the data being generated. Real-time analytics provided by an asset management platform can help you analyse equipment performance, maintenance history, and other relevant data, while also identifying trends so you can make data-backed decisions.

    Larger clients in particular will get a huge amount of value out of the detailed data you will be able to report to them, giving you an edge over competing service providers. Just make sure your platform of choice can support flexible contracts so your team can cater to the different service level agreements your larger customers may require.

  7. Improved customer experience

    The streamlined processes facilitated by an asset-centric approach lead to faster response times, quicker issue resolution, and an overall smoother service delivery. Not only will your customers be a lot happier, but they’ll also likely stick around for longer and spread the word about your business’s reliability.

    And, with all the details already in your system, auto-generated job reports will bring a level of transparency to your customers that will not only bring them peace of mind as to the necessity and quality of work undertaken, but will also help invoices pass through review quicker—ensuring your team get paid sooner rather than later!

There really is no downside to investing in an asset management platform for your service provider business. Cost savings, better equipment performance, and happy customers are just the beginning of what a platform like mendrhub can do for your business.

Talk to mendrhub’s experts to learn more.

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